[X] |
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended September 30, 2017
|
[_] |
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
|
Nevada
|
38-4051728
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification No.)
|
Large accelerated filer [_]
|
Accelerated filer [_]
|
|
Non-accelerated filer [_]
|
Smaller reporting company [X]
|
|
(Do not check if a smaller reporting company)
|
Emerging growth company [X]
|
Page
|
||
PART I. FINANCIAL INFORMATION
|
3
|
|
3
|
||
3
|
||
4
|
||
5
|
||
6
|
||
17
|
||
22
|
||
22
|
||
PART II. OTHER INFORMATION
|
23
|
|
23
|
||
23
|
||
23
|
||
23
|
||
23
|
||
23
|
||
23
|
||
24
|
|
2017
|
June 30,
2017*
|
||||||
|
(unaudited)
|
|||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
$
|
24,254
|
$
|
9,861
|
|||||
Prepaid expenses and deposits
|
75,950
|
61,883
|
||||||
Due from Sincere, related party
|
-
|
186,372
|
||||||
Total Current Assets
|
100,204
|
258,116
|
||||||
|
||||||||
46,343
|
55,711
|
|||||||
|
||||||||
TOTAL ASSETS
|
$
|
146,547
|
$
|
313,827
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
Current Liabilities
|
||||||||
Accounts Payable and accrued liabilities
|
$
|
95,956
|
$
|
136,201
|
||||
Income tax payable
|
20,000
|
20,000
|
||||||
Deferred rent expenses
|
6,242
|
8,078
|
||||||
2,191,925
|
2,232,387
|
|||||||
Advances payable
|
253,901
|
127,256
|
||||||
Total Current Liabilities
|
2,568,024
|
2,523,922
|
||||||
|
||||||||
Total Liabilities
|
2,568,024
|
2,523,922
|
||||||
|
||||||||
Stockholders' Deficit
|
||||||||
Preferred Stock - $0.001 par value; 10,000,000 shares authorized, no shares issued and outstanding at September 30, 2017 and June 30, 2017
|
-
|
-
|
||||||
720,802
|
720,802
|
|||||||
Additional Paid in Capital
|
(123,774
|
)
|
(163,250
|
)
|
||||
Other comprehensive income (loss)
|
114,945
|
|||||||
Accumulated deficit
|
(3,108,172
|
)
|
(2,882,592
|
)
|
||||
Total Stockholders' Deficit
|
(2,421,477
|
)
|
(2,210,095
|
)
|
||||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
|
$
|
146,547
|
$
|
313,827
|
For the three months
ended September 30,
|
||||||||
|
2017
|
2016
|
||||||
|
||||||||
Revenue
|
$
|
49,281
|
$
|
-
|
||||
|
||||||||
Operating Expenses
|
||||||||
65,546
|
53,040
|
|||||||
General and administrative expenses
|
170,190
|
151,811
|
||||||
Total Operating Expenses
|
235,736
|
204,851
|
||||||
|
-
|
|||||||
(186,455
|
)
|
(204,851
|
)
|
|||||
|
||||||||
Interest expenses, Related Parties
|
(39,125
|
)
|
(26,526
|
)
|
||||
|
||||||||
(Loss) before taxation
|
(225,580
|
)
|
(231,377
|
)
|
||||
Income tax
|
-
|
-
|
||||||
Net (Loss)
|
$
|
(225,580
|
)
|
$
|
(231,377
|
)
|
||
|
||||||||
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
|||
|
||||||||
Weighted Average Shares Outstanding: Basic and Diluted
|
720,802,346
|
|||||||
|
||||||||
Comprehensive Income (Loss):
|
||||||||
Net loss
|
$
|
(225,580
|
)
|
$
|
(231,377
|
)
|
||
Effect of foreign currency translation
|
(25,278
|
)
|
(20,161
|
)
|
||||
Comprehensive Loss
|
$
|
(250,858
|
)
|
$
|
(251,538
|
)
|
|
||||||||
|
For the three months ended
September 30,
|
|||||||
|
2017
|
2016
|
||||||
|
||||||||
CASH FLOW FROM OPERATING ACTIVITIES:
|
||||||||
Net Loss
|
$
|
(225,580
|
)
|
$
|
(231,377
|
)
|
||
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
|
||||||||
Depreciation
|
12,006
|
9,376
|
||||||
Rent expenses contributed to additional paid in capital
|
352
|
364
|
||||||
Imputed interest contributed as additional paid in capital
|
39,125
|
26,526
|
||||||
Expenses paid directly by related party
|
63,372
|
33,206
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Other receivable and deposits
|
(13,112
|
)
|
(54,124
|
)
|
||||
Accounts payable and accrued liabilities
|
(40,652
|
)
|
(2,931
|
)
|
||||
Deferred rent expenses
|
(1,956
|
)
|
14,647
|
|||||
NET CASH USED IN OPERATING ACTIVITIES
|
(166,445
|
)
|
(204,313
|
)
|
||||
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Repayment of investment in mineral trading, related party
|
187,932
|
-
|
||||||
Plant and equipment
|
(1,797
|
)
|
(23,185
|
)
|
||||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
186,135
|
(23,185
|
)
|
|||||
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from subscription receivable
|
- |
220,000
|
||||||
Proceeds of related party advances
|
- |
173,996
|
||||||
(132,146
|
)
|
(20,400
|
)
|
|||||
Advances from third party, operating expenses
|
126,645
|
-
|
||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
(5,501
|
)
|
373,596
|
|||||
|
||||||||
Effects of changes in foreign exchange rate
|
204
|
(1,673
|
)
|
|||||
|
||||||||
NET CHANGE IN CASH
|
14,393
|
144,425
|
||||||
CASH AT BEGINNING OF PERIOD
|
9,861
|
14,112
|
||||||
CASH AT END OF PERIOD
|
$
|
24,254
|
$
|
158,537
|
||||
|
||||||||
Cash Paid during the year for:
|
||||||||
Interest
|
$
|
-
|
$
|
-
|
||||
Income Taxes
|
$
|
-
|
$
|
-
|
||||
|
||||||||
Supplemental Non-Cash Information
|
||||||||
Landlord deposits funded directly by related party
|
$
|
-
|
$
|
51,317
|
Motor Vehicles
|
|
|
20
|
%
|
Office equipment
|
|
|
33
|
%
|
Tools and equipment
|
|
|
33
|
%
|
Computer and software
|
|
|
33
|
%
|
Leasehold improvements
|
|
Term of lease
|
|
|
|
33
|
%
|
|
September 30,
2017
|
June 30,
2017
|
||||||
Cost
|
||||||||
Motor Vehicles
|
$
|
98,028
|
$
|
96,401
|
||||
Office equipment
|
9,361
|
9,205
|
||||||
Computers and software
|
12,290
|
12,086
|
||||||
Tools and equipment
|
502
|
494
|
||||||
Leasehold improvements
|
13,030
|
12,814
|
||||||
Furniture and Fixture
|
40,316
|
37,881
|
||||||
|
$
|
173,527
|
$
|
168,881
|
|
September 30,
2017
|
June 30,
2017
|
||||||
Accumulated depreciation
|
||||||||
Motor Vehicles
|
$
|
79,264
|
$
|
73,128
|
||||
Office equipment
|
8,866
|
8,498
|
||||||
Computers and software
|
7,440
|
6,596
|
||||||
Tools and equipment
|
502
|
494
|
||||||
Leasehold improvements
|
8,687
|
6,712
|
||||||
Furniture and Fixture
|
22,425
|
17,742
|
||||||
|
$
|
127,184
|
$
|
113,170
|
|
September 30,
2017
|
June 30,
2016
|
||||||
Carrying Value
|
||||||||
Motor Vehicles
|
$
|
18,764
|
$
|
23,273
|
||||
Office equipment
|
495
|
707
|
||||||
Computers and software
|
4,850
|
5,490
|
||||||
Tools and equipment
|
-
|
-
|
||||||
Leasehold improvements
|
4,343
|
6,102
|
||||||
Furniture and Fixture
|
17,891
|
20,139
|
||||||
|
$
|
46,343
|
$
|
55,711
|
|
September 30,
2017
|
June 30,
2017
|
||||||
|
||||||||
Sundry receivables
|
$
|
1,563
|
$
|
2,190
|
||||
Deposits, including utility, security deposits
|
55,617
|
54,693
|
||||||
Prepaid on professional services fee
|
18,770
|
5,000
|
||||||
|
$
|
75,950
|
$
|
61,883
|
(1)
|
Office lease 1
|
(2)
|
Office lease 2
|
(1)
|
Advances from related parties:
|
|
September 30,
2017
|
June 30,
2017
|
||||
|
||||||
Advances from its Directors
|
$
|
1,516,258
|
$
|
1,574,922
|
||
Advances from controlling shareholder, LYF & Sons Realty Sdn. Bhd.
|
675,667
|
$
|
657,465
|
|||
Total
|
$
|
2,191,925
|
$
|
2,232,387
|
(2)
|
Related Party Salaries and Wages paid directly by related party:
|
|
Three Months Ended
September 30,
(in USD)
|
Three Months Ended
September 30,
(in RM)
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Chief Executive Officer
|
$
|
21,123
|
$
|
7,306
|
$
|
90,000
|
$
|
30,000
|
||||||||
Chief Financial Officer
|
14,083
|
9,908
|
60,000
|
40,000
|
||||||||||||
Chief Operating Officer
|
14,083
|
11,121
|
60,000
|
45,000
|
||||||||||||
Chief Marketing Officer
|
-
|
4,870
|
-
|
20,000
|
||||||||||||
Chief Sales Officer
|
14,083
|
-
|
60,000
|
-
|
||||||||||||
|
$
|
63,372
|
$
|
33,205
|
$
|
270,000
|
$
|
135,000
|
(3)
|
Advances from third party:
|
|
Malaysia
|
United
States
|
Total
|
|||||||||
|
||||||||||||
Revenue
|
$
|
49,281
|
$
|
-
|
$
|
49,281
|
||||||
Depreciation & amortization
|
$
|
12,006
|
$
|
-
|
$
|
12,006
|
||||||
Loss from operations
|
$
|
(68,800
|
)
|
$
|
(117,655
|
)
|
$
|
(186,455
|
)
|
|||
Interest expenses
|
$
|
(27,404
|
)
|
$
|
(11,721
|
)
|
$
|
(39,125
|
)
|
|||
Assets
|
$
|
127,700
|
$
|
18,847
|
$
|
146,547
|
||||||
Expenditure on long-lived assets
|
$
|
1,797
|
$
|
-
|
$
|
1,797
|
|
Malaysia
|
United
States
|
Total
|
|||||||||
|
||||||||||||
Revenue
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Depreciation & amortization
|
$
|
9,376
|
$
|
-
|
$
|
9,376
|
||||||
Loss from operations
|
$
|
(103,866
|
)
|
$
|
(100,985
|
)
|
$
|
(204,851
|
)
|
|||
Interest expenses
|
$
|
(22,633
|
)
|
$
|
(3,893
|
)
|
$
|
(26,526
|
)
|
|||
Assets
|
$
|
285,768
|
$
|
128,948
|
$
|
414,716
|
||||||
Expenditure on long-lived assets
|
$
|
23,185
|
$
|
-
|
$
|
23,185
|
●
|
A requirement to have only two years of audited financial statements and only two years of related MD&A;
|
|
|
●
|
Exemption from the auditor attestation requirement in the assessment of the emerging growth company's internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act of 2002;
|
|
|
●
|
Reduced disclosure about the emerging growth company's executive compensation arrangements; and;
|
|
|
●
|
No non-binding advisory votes on executive compensation or golden parachute arrangements.
|
|
For the Three Months Ended September
|
|||||
|
2017
|
2016
|
||||
Operating Expenses
|
||||||
Professional fees
|
$ |
65,546
|
$ |
53,040
|
||
General and administrative expenses
|
170,190
|
151,811
|
||||
Total Operating Expenses
|
$ |
235,736
|
$ |
204,851
|
|
For the Three Months Ended September
|
|
||||
|
2017
|
|
2016
|
|
||
General and administrative:
|
|
|
|
|
||
Depreciation
|
$
|
12,006
|
|
$
|
9,376
|
|
Executive wages
|
|
63,372
|
|
|
33,205
|
|
Salaries
|
|
38,836
|
|
|
52,927
|
|
Rent
|
|
46,510
|
|
|
25,542
|
|
Utilities, telephone and maintenance
|
|
11,506
|
|
|
8,690
|
|
Other general and administrative
|
|
(2,040)
|
|
|
22,071
|
|
Total Operating Expenses
|
$
|
170,190
|
|
$
|
151,811
|
|
2017
|
2016
|
||||||
Chief Executive Officer
|
$
|
21,123
|
$
|
7,306
|
|||
Chief Financial Officer.
|
14,083
|
9,908
|
|||||
Chief Operating Officer
|
14,083
|
11,121
|
|||||
Chief Marketing Officer
|
-
|
4,870
|
|||||
Chief Sales Officer
|
14,083
|
-
|
|||||
Total
|
$
|
63,372
|
$
|
33,205
|
|
At September 30,
2017
|
At June 30,
2017
|
||||
|
||||||
Current Assets
|
$
|
100,204
|
$
|
258,116
|
||
Current Liabilities
|
||||||
Working Capital Deficit
|
$
|
(2,467,820
|
)
|
$
|
(2,265,806
|
)
|
GMCI CORP.
|
|
DATED: January 9, 2018
|
By:Calvin Chin
|
Calvin Chin, Chief Executive Officer (Principal Executive Officer)
|
|
By:M.W. Chan
|
|
M.W. Chan, Chief Financial Officer (Principal Financial Officer)
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of GMCI CORP.:
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by quarterly report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure control and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
|
d)
|
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process summarize and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of GMCI CORP.:
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by quarterly report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure control and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
|
d)
|
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process summarize and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Dec. 12, 2017 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | GMCI Corp. | |
Entity Central Index Key | 0001545312 | |
Amendment Flag | false | |
Trading Symbol | GMCI | |
Current Fiscal Year End Date | --06-30 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2018 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 720,802,346 |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Sep. 30, 2017 |
Jun. 30, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued | 720,802,346 | 720,802,346 |
Common stock, shares outstanding | 720,802,346 | 720,802,346 |
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) |
3 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Income Statement [Abstract] | ||
Revenue | $ 49,281 | |
Operating Expenses | ||
Professional fees | 65,546 | 53,040 |
General and administrative expenses | 170,190 | 151,811 |
Total Operating Expenses | 235,736 | 204,851 |
(Loss) from operations | (186,455) | (204,851) |
Interest expenses, Related Parties | (39,125) | (26,526) |
(Loss) before taxation | (225,580) | (231,377) |
Income tax | ||
Net (Loss) | $ (225,580) | $ (231,377) |
Net Loss Per Share: Basic and Diluted | $ (0.00) | $ (0.00) |
Weighted Average Shares Outstanding: Basic and Diluted | 720,802,346 | 720,802,346 |
Comprehensive Income (Loss): | ||
Net loss | $ (225,580) | $ (231,377) |
Effect of foreign currency translation | (25,278) | (20,161) |
Comprehensive Loss | $ (250,858) | $ (251,538) |
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) |
3 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
CASH FLOW FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (225,580) | $ (231,377) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ||
Depreciation | 12,006 | 9,376 |
Rent expenses contributed to additional paid in capital | 352 | 364 |
Imputed interest contributed as additional paid in capital | 39,125 | 26,526 |
Expenses paid directly by related party | 63,372 | 33,206 |
Changes in operating assets and liabilities: | ||
Other receivable and deposits | (13,112) | (54,124) |
Accounts payable and accrued liabilities | (40,652) | (2,931) |
Deferred rent expenses | (1,956) | 14,647 |
NET CASH USED IN OPERATING ACTIVITIES | (166,445) | (204,313) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Repayment of investment in mineral trading, related party | 187,932 | |
Plant and equipment | (1,797) | (23,185) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 186,135 | (23,185) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from subscription receivable | 220,000 | |
Proceeds of related party advances | 173,996 | |
Repayments of related party advances | (132,146) | (20,400) |
Advances from third party, operating expenses | 126,645 | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (5,501) | 373,596 |
Effects of changes in foreign exchange rate | 204 | (1,673) |
NET CHANGE IN CASH | 14,393 | 144,425 |
CASH AT BEGINNING OF PERIOD | 9,861 | 14,112 |
CASH AT END OF PERIOD | 24,254 | 158,537 |
Cash Paid during the year for: | ||
Interest | ||
Income Taxes | ||
Supplemental Non-Cash Information | ||
Landlord deposits funded directly by related party | $ 51,317 |
Organization and Summary of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||
Organization and Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||
Organization and Summary of Significant Accounting Policies | Note 1 – Organization and Summary of Significant Accounting Policies
GMCI Corp., formerly Pacific Metals Corp. ("GMCI" or the "Company") was incorporated in Nevada on June 28, 2006.
On March 17, 2015, the Company filed Articles of Merger with the Nevada Secretary of State whereby it entered into a statutory merger with its wholly-owned subsidiary, GMCI Corp., pursuant to Nevada Revised Statutes 92A.200 et. seq. The effect of such merger is that the Company was the surviving entity and changed its name to "GMCI Corp."
On March 19, 2015, the Company filed an Issuer Company-Related Action Notification Form with FINRA requesting that the aforementioned name change be effected in the market. The Company also requested that its ticker symbol be changed to "GMCI". On April 16, 2015, FINRA granted approval for the name change and the ticker symbol change.
On March 26, 2015, GMCI entered into and closed a Share Exchange Agreement (the "SBS Agreement") with all of the shareholders of SBS Mining Corp. Malaysia Sdn. Bhd., ("SBS") a Malaysian corporation whose primary business is mining and exploration of properties located in Malaysia. Pursuant to the SSBS Agreement, the Company acquired 600,000 shares of capital stock of SBS from the SBS Shareholders and in exchange issued 500,000,000 restricted shares of its common stock to the SBS Shareholders.
As a result of the completion of the aforementioned recapitalization, SBS is now the Company's wholly-owned subsidiary. The aforementioned SBS Agreement was accounted for as recapitalization whereby the financial statements subsequent to the date of the transaction are presented as a continuation of SBS. Under recapitalization
accounting SBS (subsidiary) is treated as the accounting parent (acquirer) and the Company (parent) is treated as the accounting subsidiary (acquiree). All outstanding shares have been restated to reflect the effect of the business combination.
SBS is a producer of metal ore and is focused on producing iron ore, bauxite and tin ore. Currently SBS is principally engaged in the prospecting of minerals and ultimately the mining of minerals upon successful exploration. During fiscal 2017 SBS commenced revenue generating operations as a result of its mineral trading business (See Note 3), which have resulted in revenues during the three months ended September 30, 2017 of $49,281, as a result of concluded shipments of 49,006 net tonnes of bauxite. Essentially all of the Company's property, plant and equipment assets are held in Malaysia. The functional currency of the Company's Malaysian subsidiary, SBS, is the Malaysian Ringgit.
Fiscal Year
The Company's year end is June 30.
Principals of Consolidation
The condensed consolidated financial statements include the accounts of GMCI and its wholly-owned subsidiary, SBS. All significant intercompany balances and transactions have been eliminated.
Basis of Presentation
The unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles ("GAAP") for interim financial information and the rules and regulations of the Securities and Exchange Commission ("SEC"). They do not include all information and footnotes required by GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended June 30, 2017, included in the Company's Report on Form 10-12G/A, filed on October 24, 2017 with the SEC. The interim unaudited Condensed Consolidated financial statements should be read in conjunction with those audited financial statements. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending June 30, 2018.
Use of Estimates and Assumptions
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results when ultimately realized could differ from these estimates.
Revenue Recognition
Revenues are presented net of discounts. In general, the Company recognizes revenue when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered to the customer, (iii) the fee is fixed or determinable, and (iv) collectability is reasonably assured.
The Company applies judgment with respect to whether it can establish a selling price based on third party evidence. The Company does not have any product offerings that would be considered multiple deliverables; therefore the pricing model is determined based on competitor prices for similar product offerings, and/or contracts independently negotiated between the Company and purchasers.
To date, all of the revenue recognized by the Company has been derived from transactions with related parties (See Note 3). In addition, all of the revenue recognized with those related parties has been based on verbal conditions. To date the Company has not entered into a formal written agreement for its commissions earned on the trading of unwashed bauxite ore. The Company has determined that in recording its revenue through September 30, 2017, that the selling price and other conditions derived from its transactions with related parties were not fixed and determinable until those trading commissions were paid to the Company by its related party. Because of this, through September 30, 2017, the Company has recorded its trading commissions earned with Sincere Pacific Mining(M) Sdn. Bhd. ("Sincere") on the cash basis. In the future, should the Company enter into formal agreements, the recognition method may change.
Cash and Cash Equivalents
The company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At September 30, 2017 and June 30, 2017, cash includes cash on hand and cash in the bank. The Company's subsidiary operates in Malaysia where deposit insurance for deposits is provided up to RM$250,000 (approximately US$59,224). From time to time the Company's
account balances may exceed that limit.
Fair Value of Financial Instruments
The carrying value of financial instruments including cash and cash equivalents, receivables, prepaid expenses, accounts payable and accrued expenses, approximates their fair value due to the relatively short-term nature of these instruments.
Functional and presentation currency - Items included in the consolidated financial statements of each of the Company and its subsidiary are measured using the currency of the primary economic environment in which the entity operates (the 'functional currency'). The consolidated financial statements are presented in US Dollars, which is the Company's functional and presentation currency. The functional currency of the Company's subsidiary is the Malaysian Ringgit.
Transactions and balances - Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at quarter end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of operations.
Subsidiaries The results and financial position of the subsidiary that has a functional currency different from the presentation currency are translated into the presentation currency as follows:
i) assets and liabilities are translated at the closing rate at the date of the balance sheet;
ii) income and expenses are translated at average exchange rates;
iii) all resulting exchange differences are recognized as other comprehensive income (loss), a separate component of equity.
Plant and equipment and depreciation
Plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated on straight line basis to write off the cost of plant and equipment over their expected useful lives at the following annual rates:
Mineral Properties
The Group is planning on being engaged in the business of the acquisition, exploration, development, mining, and production of mineral properties and or resources, with a current emphasis on granite (see Note 3) and previous emphasis on iron ore, bauxite and tin. Mineral claims and other property acquisition costs are capitalized as incurred. Such costs are carried as an asset of the Group until it becomes apparent through exploration activities that the cost of such properties will not be realized through mining operations. Mineral exploration costs are expensed as incurred, and when it becomes apparent that a mineral property can be economically developed as a result of establishing proven or probable reserve, the exploration costs, along with mine development costs, are capitalized. The costs of acquiring mineral claims, capitalized exploration costs, and mine development costs are recognized for depletion and amortization purposes under the units-of-production method over the estimated life of the probable and proven reserves. If mineral properties, exploration, or mine development activities are subsequently abandoned
or impaired, any capitalized costs are charged to operations in the current period.
Exploration expenditures
Exploration, acquisition (except for property purchase costs), and general and administrative costs related to exploration projects and prospecting activities are charged to expense as incurred. Exploration expenses in the three months ended September 30, 2017 and 2016 are $nil.
Impairment of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. During the three months ended September 30, 2017 and 2016, there was no impairment of long-lived assets.
Segment Reporting
FASB ASC 820 "Segments Reporting" establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. Our proposed business segments are expected to span more than one geographical area. Specifically, the Company intends to generate revenue through subsidiary SBS in the area of mineral trading and exploration activities (see Note 3 and 10), while the Company, GMCI, will continue to manage the Company's reporting requirements and carry out on-going business development activities in search of new reporting segments which may include hospitality, manufacturing and other service based businesses.
Income Taxes
The company accounts for income taxes in accordance with ASC Topic 740, Income Taxes. This statement prescribes the use of the asset and liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company recognizes interest and penalties related to unrecognized tax benefits or failure to comply with local tax legislation within the income tax expense line in the accompanying Consolidated Statement of Operations and Comprehensive Loss. Accrued interest and penalties are
included within the related tax liability line in the Consolidated Balance Sheets.
Loss Per Share
The company follows the provisions of ASC Topic 260, Earnings per Share. Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Basic and diluted losses per share are the same as all potentially dilutive securities are anti-dilutive.
Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock or conversion of notes into shares of the company's common stock that could increase the number of shares outstanding and lower the earnings per share of the company's common stock. This calculation is not done for periods in a loss position as this would be antidilutive. As of the three months ended September 30, 2017 and 2016, there were no stock options or stock awards, or other convertible securities that would have been included in the computation of diluted earnings per share that could potentially dilute basic earnings per share in the future.
|
Going Concern |
3 Months Ended |
---|---|
Sep. 30, 2017 | |
Going Concern [Abstract] | |
Going Concern | Note 2 – Going Concern
At September 30, 2017 and September 30, 2016, the Company reported a net loss of $225,580 and $231,377, respectively. The Company believes that its existing capital resources are not adequate to enable it to execute its business plan. These conditions raise substantial doubt as to the Company's ability to continue as a going concern. The Company estimates that it will require additional cash resources during 2018 and beyond based on its current operating plan and condition. The Company expects cash flows from operating activities to improve, primarily as a result of an increase in revenue and a decrease in certain operating expenses, although there can be no assurance thereof. The accompanying consolidated financial statements do not include any adjustments that might be necessary should we be unable to continue as a going concern. If we fail to generate positive cash flow or obtain additional financing, when required, we may have to modify, delay, or abandon some or all of our business and expansion plans.
The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amount and classification of liabilities that might cause results from this uncertainty.
|
Advance Payment on Mineral Trading - Related Party |
3 Months Ended |
---|---|
Sep. 30, 2017 | |
Advance Payment on Mineral Trading - Related Party [Abstract] | |
Advance Payment on Mineral Trading - Related Party | Note 3 –Advance Payment on Mineral Trading – Related Party
During the fiscal year ended June 30, 2016 the Company's subsidiary, SBS, advanced $614,226 (RM$2,574,000) to Sincere (see Note 8), a related party corporation by virtue of directors in common, for the purpose of commencing bauxite trading and financing activities.
During the fiscal year ended June 30, 2016, SBS and Sincere have verbally agreed to work in partnership to acquire and arrange transport for stockpiled bauxite shipments to Mainland China. Services required for the loading, processing and transport of bauxite from mine sites to the port will be provided by SBS and Sincere directly under an export license granted by the Ministry of Mines in Malaysia which is currently in force and pending renewal prior to expiry. As at June 30, 2016 the Company had advanced proceeds for the purpose of securing mineral resources for shipment. Sincere has agreed to manage all labor, processing, transport and export of the ore until such time as the parties have concluded a total of seven (7) shipments. As at September 30, 2017 a total of 5 shipments have been concluded.
It is anticipated that the sales price obtained by Sincere for unwashed bauxite will total gross US$24.50 to US$26.00 per dry, delivered metric tonne, free on board stowed and trimmed, subject to certain penalties or bonus based on the percentage of certain mineral compounds present, primarily aluminum oxide and silicon dioxide. Sincere will issue payment to SBS upon successful conclusion of shipments, at an agreed $1 USD per delivered dry tonne, net any applicable fees such as storage. It is anticipated that the Company will continue to conduct its bauxite trading activities under these verbal terms of agreement until such time as deposits advanced to commence trading operations are recovered, as well as income from the shipments. The parties intend to formalize a written agreement for future mineral trading activities following successful conclusion of approximately seven (7) shipments whereby SBS will receive commissions on up to 140,000 gross tonnes.
During the three months ended September 30, 2017 the Company earned revenue from its bauxite trading activities and concluded shipments for a total of 60,000 tonnes of gross washed bauxite (net dry weight of 49,006 tonnes) for net commissions of US$49,281 converted at an agreed fixed rate of conversion to RM between 4.2805 and 4.2895 for total proceeds of RM$210,005.
Funds advanced by SBS will be used for the continuing purchase of minerals for transport over the course of several planned shipments. SBS does not intend to take physical possession of the minerals at any time. It has been agreed between the parties that SBS shall receive a commission based on gross washed bauxite tonnage of up to 20,000 tonnes per shipment. Thereafter, if successful, the two parties will enter a formal agreement with respect to further shipments under newly negotiated terms. SBS does not expect the initial advances made to Sincere to be returned until several shipments of ore have been completed. As at June 30, 2016 the Company has partially impaired the advance payment in the original amount $614,226 by $413,179, net amounts payable by SBS to Sincere, due to the uncertainty around the timing of collectability. During the three months ended September 30, 2017, the Company received RM$800,000 from Sincere to reduce advances paid. A balance of $nil and $186,372 (RM$800,000) remains collectible on the Company's balance sheets as of September 30, 2017, and June 30, 2017, respectively.
|
Plant and Equipment |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plant and Equipment | Note 4 – Plant and Equipment
Essentially all of the Company's property, plant and equipment assets are held in Malaysia. The functional currency of the Company's Malaysian subsidiary, SBS, is the ringgit.
Depreciation for the three months ended September 30, 2017 and 2016 was $12,006 and $9,376, respectively.
|
Prepaid Expenses and Deposits |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expenses and Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and deposits | Note 5 – Prepaid expenses and deposits
|
Commitments and Contingencies |
3 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2017 | |||||
Commitments and Contingencies [Abstract] | |||||
Commitments and Contingencies | Note 6 – Commitments and Contingencies
On July 10, 2015, SBS entered into a two-year lease commencing August 1, 2015 for office premises in Lorong 3/137C, Off Jalan Klang Lama, 58000 Kuala Lumpur. Under the terms of the lease the Company will pay monthly rent of $606 USD at current exchange rate (RM$2,600) and shall be responsible for all monthly utilities. The Company has paid a deposit of two months' rent and a deposit for utilities with a cumulative total of $1,823 USD (RM$7,800). The annual lease commitment, exclusive of utilities is noted below:
Fiscal 2018 - US$616 (RM$2,600)
On July 25, 2016 and September 15, 2016 respectively, the Company entered into lease agreements for two individual corporate offices at Tower 1, Avenue 3, The Horizon, Bangsar South City, Kuala Lumpur, Malaysia 59200. The leased premises occupy a total of 5,652 square feet on level 1 and 5,773 square feet on level 5, and each allowed for one-month free rent in order to renovate and occupy the space.
Under the terms of the lease(s) the Company will pay monthly rent of $7,364 USD (RM$31,086) for Level 1 and $7,522 USD (RM$31,752) for Level 5, and shall be responsible for all monthly utilities. The Company has recorded deferred rent for each of the Level 1 and Level 5 leases in the amount of one month's rent respectively for each of the leases in order to account for the free month of occupancy included in the terms
of the lease. Deferred rent is being amortized over the term of the lease(s). Security deposits of two months' rent for Level 1 and Level 5 totaling $44,658 USD (RM$188,513), and a deposit for utilities with a cumulative total of $7,443 USD (RM$31,419) were remitted by a related party. The annual lease commitments, exclusive of utilities is noted as: Fiscal 2018 - US$178,633 (RM$754,056).
During the three months ended September 30, 2017 and 2016 the Company expended a total of $46,158 (RM$196,697) and $25,179 (RM$103,887) with respect to all of its leasing obligations. The Company has passed on recording deferred rent for the built-in inflation contained within the lease as it has been determined to be immaterial.
From time to time the Company may be subject to proceedings, lawsuits, and other claims related to government agencies, operations, shareholders and contracts. The Company is required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of accrual required, if any, for these contingencies is made after analysis of each matter. The required accrual, if any, may change in the future due to new developments in each matter or changes in settlement strategies. The Company does not believe that there are presently any such matters that will have a material adverse effect on its financial condition or results of operations.
|
Advances from Related Parties / Related Parties Transactions |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances from Related Parties / Related Parties Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances from Related Parties / Related Parties Transactions | Note 7 – Advances from Related Parties / Related Parties Transactions
Further directors of the Company have leased shared office space for corporate operations the cost of which is $355 (RM$1,500 per quarter), the use of which is provided to the Company free of charge by our directors. We have recorded an amount of $352 and $364 as contributed capital during the three months ended September 30, 2017 and 2016.
During the fiscal year ended June 30, 2016, the Company was advanced $614,226 by entities with common directors with the Company or by directors, which funds were used to advance to another related entity for the purpose of setting up a trading operation in the sale and transport of bauxite ore to entities in mainland China (see Note 3).
The advances from the related entities were non-interest bearing, unsecured and not evidenced by a note. In addition, during the fiscal year ended June 30, 2017 and 2016, the Company was advanced a total of $893,748 and $396,010, respectively, by directors or entities with common directors to meet operational shortfalls. During the year ended June 30, 2017, related parties were repaid $678,991. During the three months ended September 30, 2017, related parties were repaid a total of $132,146.
The Company has imputed interest at the rate of 6.51% on the above advances made to the Company in the amount of $27,404 during the three months ended September 30, 2017, and has imputed interest at the rate of 6.48% on the above advances made to the Company in the amount of $22,633 during
the three months ended September 30, 2016.
The aforementioned fees were paid directly by the sole director of the Company and have been included in advances payable to related parties.
During the fiscal year ended June 30, 2017, the Company was advanced a total of $127,156 by a third party to meet operational shortfalls. The advances from the third party are due on demand, non-interest bearing, unsecured and not evidenced by a note. The entire amount of the advances remains payable at September 30, 2017.
During the three months ended September 30, 2017, the Company was advanced a further
$126,645 by a third party to meet operational shortfalls. The advances from the third party are due on demand, non-interest bearing, unsecured and not evidenced by a note. The entire amount of the advances remains payable at September 30, 2017.
The Company has treated the aforementioned advances in the same manner as if they were made by related parties and has imputed interest at the rate of 6.51% on the advances made to the Company in the amount of $11,721 during the three months ended September 30, 2017 and $nil during the same period ended September 30, 2016.
|
Common Stock |
3 Months Ended |
---|---|
Sep. 30, 2017 | |
Common Stock Abstract] | |
Common Stock | Note 9 – Common Stock
Common Stock
The Company's authorized common stock consists of 4,000,000,000 common shares with par value of $0.001 and 10,000,000 shares of preferred stock with par value of $0.001 per share.
The Company had 500,000,000 common shares issued and outstanding as of December 31, 2014, as a result of the recapitalization and reverse merger transaction described above in Note 3. In addition, as of the transaction date, there were 802,346 common shares issued and outstanding which are reflected as part of the recapitalization.
On June 15, 2015, the Company entered into Subscription Agreements with its President and CEO, Mr. Lok Khing Ming, and Mr. Liew Kin Sing, a resident of Malaysia, whereby the Company sold to Mr. Lok 120 million shares of its common stock and sold to Mr. Liew 100 million shares of common stock. Both sales were priced at the par value of $0.001 for a total of $220,000. Mr. Lok and Mr. Liew paid cash for these shares in July of 2016. As at June 30, 2016 the amounts payable under the aforementioned subscription agreements has been recorded on the balance sheet as "subscription receivable- related party".
As of September 30, 2017, and June 30, 2017 the Company has 720,802,346 shares of common stock issued and outstanding.
Preferred Stock
The Company has authorized 10,000,000 shares of preferred stock. As of September 30, 2017, and June 30, 2017, the Company has no designated or outstanding shares of preferred stock.
Instruments Convertible into Common or Preferred Shares
As of June 30, 2017, and 2016, the Company had no instruments outstanding that were convertible into or exercisable into either common or preferred shares of the Company.
|
Segment Reporting |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Note 10 – Segment Reporting
The Company currently only operates in one Segment. However, the Company operates corporate entities and has assets and operations in the United States and Malaysia. The following tables show the breakdown of operations and assets by Country:
Three months ended September 30, 2017:
Three months ended September 30, 2016:
|
Subsequent Events |
3 Months Ended |
---|---|
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent events | Note 12 – Subsequent events
Subsequent to September 30, 2017, SBS has received advances of approximately $63,372 (RM$180,000) from a director of the Company in order to fund shortfalls in operational activities. The Company has also received advances of a total of $5,873 from a related third party which funds have been used as general working capital.
Letter of Intent
In March 2017, the Company became aware of an opportunity to acquire a thirty (30) year leasehold over 6.0701 hectares of real property located in the Province of Kampar, Malaysia, that the Company believes has a significant deposit of granite (the "Property"). This opportunity was presented to the Company by Pembinaan Kaya Hebat Sdn Bhd, a Malaysian corporation ("PKH"). PKH is controlled by the Company's majority shareholder, LYF & Son Realty Sdn. Bhd.
On May 3, 2017, the Company entered into a Letter of Intent with PKH and PKH's shareholders to acquire all of the issued and outstanding shares of PKH from its shareholders in exchange for shares of the Company, which will be an amount equal to the fair market value of PKH, as determined by an independent, professional appraiser.
The acquisition of PKH is contingent upon: (a) PKH completing the transfer of title to the Property; (b) issuance of a mineral resource report that provides an estimate of the granite resources in place and exploration potential of resources located on the Property prepared by a licensed geologist that complies with the applicable rules and regulations promulgated by the SEC; and (c) the parties entering a definitive Share Purchase Agreement.
The transfer of title to the Property to PKH has been approved by the Ministry of Malaysian on July 26, 2017. Therefore, the Company has commenced negotiations for the terms of the definitive Share Purchase Agreement and expects to execute such agreement upon completion of the Company's ongoing due diligence review and satisfaction of the issuance of a technical report by a licensed geologist. As at the date of this report the geological report is being complied by a third party.
On December 11, 2017, GMCI entered into a Letter of Intent with NAMI Corp., a Nevada corporation ("NAMI") for the acquisition by NAMI of up to one hundred percent (100%) of the issued and outstanding capital stock of GMCI in exchange for shares of capital stock of NAMI (the "Acquisition). The completion of the Acquisition is subject to various conditions precedent, including but not limited to negotiating and execution a form of Share Exchange Agreement that is acceptable to both parties, approval of the financial statements of both parties, valuation of GMCI's stock and NAMI's stock and receiving approval of at least seventy percent (70%) of the issued and outstanding shares of GMCI. Moreover, NAMI will need to prepare a registration statement and file it with the United States Securities and Exchange Commission under which the shares of NAMI to be exchanged for shares of GMCI will be registered.
In the event that NAMI is able to complete the Acquisition, it intends to operate GMCI as its wholly-owned subsidiary or a majority-owned subsidiary.
|
Organization and Summary of Significant Accounting Policies (Policies) |
3 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||
Organization and Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||
Principals of Consolidation | Principals of Consolidation
The condensed consolidated financial statements include the accounts of GMCI and its wholly-owned subsidiary, SBS. All significant intercompany balances and transactions have been eliminated.
|
||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation
The unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles ("GAAP") for interim financial information and the rules and regulations of the Securities and Exchange Commission ("SEC"). They do not include all information and footnotes required by GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended June 30, 2017, included in the Company's Report on Form 10-12G/A, filed on October 24, 2017 with the SEC. The interim unaudited Condensed Consolidated financial statements should be read in conjunction with those audited financial statements. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending June 30, 2018.
|
||||||||||||||||||||||||||||||
Use of Estimates and Assumptions | Use of Estimates and Assumptions
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results when ultimately realized could differ from these estimates.
|
||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition
Revenues are presented net of discounts. In general, the Company recognizes revenue when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered to the customer, (iii) the fee is fixed or determinable, and (iv) collectability is reasonably assured.
The Company applies judgment with respect to whether it can establish a selling price based on third party evidence. The Company does not have any product offerings that would be considered multiple deliverables; therefore the pricing model is determined based on competitor prices for similar product offerings, and/or contracts independently negotiated between the Company and purchasers.
To date, all of the revenue recognized by the Company has been derived from transactions with related parties (See Note 3). In addition, all of the revenue recognized with those related parties has been based on verbal conditions. To date the Company has not entered into a formal written agreement for its commissions earned on the trading of unwashed bauxite ore. The Company has determined that in recording its revenue through September 30, 2017, that the selling price and other conditions derived from its transactions with related parties were not fixed and determinable until those trading commissions were paid to the Company by its related party. Because of this, through September 30, 2017, the Company has recorded its trading commissions earned with Sincere Pacific Mining(M) Sdn. Bhd. ("Sincere") on the cash basis. In the future, should the Company enter into formal agreements, the recognition method may change.
|
||||||||||||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents
The company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At September 30, 2017 and June 30, 2017, cash includes cash on hand and cash in the bank. The Company's subsidiary operates in Malaysia where deposit insurance for deposits is provided up to RM$250,000 (approximately US$59,224). From time to time the Company's account balances may exceed that limit.
|
||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments
The carrying value of financial instruments including cash and cash equivalents, receivables, prepaid expenses, accounts payable and accrued expenses, approximates their fair value due to the relatively short-term nature of these instruments.
|
||||||||||||||||||||||||||||||
Foreign Currencies | Foreign Currencies
Functional and presentation currency - Items included in the consolidated financial statements of each of the Company and its subsidiary are measured using the currency of the primary economic environment in which the entity operates (the 'functional currency'). The consolidated financial statements are presented in US Dollars, which is the Company's functional and presentation currency. The functional currency of the Company's subsidiary is the Malaysian Ringgit.
Transactions and balances - Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at quarter end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of operations.
Subsidiaries The results and financial position of the subsidiary that has a functional currency different from the presentation currency are translated into the presentation currency as follows:
i) assets and liabilities are translated at the closing rate at the date of the balance sheet;
ii) income and expenses are translated at average exchange rates;
iii) all resulting exchange differences are recognized as other comprehensive income (loss), a separate component of equity.
|
||||||||||||||||||||||||||||||
Plant and equipment and depreciation | Plant and equipment and depreciation
Plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated on straight line basis to write off the cost of plant and equipment over their expected useful lives at the following annual rates:
|
||||||||||||||||||||||||||||||
Mineral Properties | Mineral Properties
The Group is planning on being engaged in the business of the acquisition, exploration, development, mining, and production of mineral properties and or resources, with a current emphasis on granite (see Note 3) and previous emphasis on iron ore, bauxite and tin. Mineral claims and other property acquisition costs are capitalized as incurred. Such costs are carried as an asset of the Group until it becomes apparent through exploration activities that the cost of such properties will not be realized through mining operations. Mineral exploration costs are expensed as incurred, and when it becomes apparent that a mineral property can be economically developed as a result of establishing proven or probable reserve, the exploration costs, along with mine development costs, are capitalized. The costs of acquiring mineral claims, capitalized exploration costs, and mine development costs are recognized for depletion and amortization purposes under the units-of-production method over the estimated life of the probable and proven reserves. If mineral properties, exploration, or mine development activities are subsequently abandoned or impaired, any capitalized costs are charged to operations in the current period.
|
||||||||||||||||||||||||||||||
Exploration expenditures | Exploration expenditures
Exploration, acquisition (except for property purchase costs), and general and administrative costs related to exploration projects and prospecting activities are charged to expense as incurred. Exploration expenses in the three months ended September 30, 2017 and 2016 are $nil.
|
||||||||||||||||||||||||||||||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. During the three months ended September 30, 2017 and 2016, there was no impairment of long-lived assets.
|
||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting
FASB ASC 820 "Segments Reporting" establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. Our proposed business segments are expected to span more than one geographical area. Specifically, the Company intends to generate revenue through subsidiary SBS in the area of mineral trading and exploration activities (see Note 3 and 10), while the Company, GMCI, will continue to manage the Company's reporting requirements and carry out on-going business development activities in search of new reporting segments which may include hospitality, manufacturing and other service based businesses.
|
||||||||||||||||||||||||||||||
Income Taxes | Income Taxes
The company accounts for income taxes in accordance with ASC Topic 740, Income Taxes. This statement prescribes the use of the asset and liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company recognizes interest and penalties related to unrecognized tax benefits or failure to comply with local tax legislation within the income tax expense line in the accompanying Consolidated Statement of Operations and Comprehensive Loss. Accrued interest and penalties are included within the related tax liability line in the Consolidated Balance Sheets.
|
||||||||||||||||||||||||||||||
Loss Per Share | Loss Per Share
The company follows the provisions of ASC Topic 260, Earnings per Share. Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Basic and diluted losses per share are the same as all potentially dilutive securities are anti-dilutive.
Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock or conversion of notes into shares of the company's common stock that could increase the number of shares outstanding and lower the earnings per share of the company's common stock. This calculation is not done for periods in a loss position as this would be antidilutive. As of the three months ended September 30, 2017 and 2016, there were no stock options or stock awards, or other convertible securities that would have been included in the computation of diluted earnings per share that could potentially dilute basic earnings per share in the future.
|
Organization and Summary of Significant Accounting Policies (Tables) |
3 Months Ended |
---|---|
Sep. 30, 2017 | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Schedule of plant and equipment expected useful lives at annual rates |
Plant and Equipment (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of plant and equipment |
|
Prepaid Expenses and Deposits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expenses and Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of prepaid expenses and deposits |
|
Advances from Related Parties / Related Parties Transactions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances from Related Parties / Related Parties Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of advances from related parties |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of related parties transactions, salaries and wages paid |
|
Segment Reporting (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of breakdown of operations and assets country | Three months ended September 30, 2017:
Three months ended September 30, 2016:
|
Organization and Summary of Significant Accounting Policies (Details) |
3 Months Ended |
---|---|
Sep. 30, 2017 | |
Motor Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rates of plant and equipment | 20.00% |
Office equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rates of plant and equipment | 33.00% |
Tools and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rates of plant and equipment | 33.00% |
Computer and software [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rates of plant and equipment | 33.00% |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of plant and equipment | Term of lease |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rates of plant and equipment | 33.00% |
Organization and Summary of Significant Accounting Policies (Details Textual) |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Mar. 26, 2015
shares
|
Sep. 30, 2017
USD ($)
Tonnes
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2017
MYR
|
|
Organization and Summary of Significant Accounting Policies (Textual) | ||||
Date of incorporated | Jun. 28, 2006 | |||
Deposit insurance | $ 59,224 | MYR 250,000 | ||
Exploration expenses | $ | ||||
Revenue | $ | $ 49,281 | |||
Shipments of bauxite | Tonnes | 49,006 | |||
Share Exchange Agreement [Member] | SBS Mining Corp. Malaysia Sdn. Bhd., ("SBS") [Member] | ||||
Organization and Summary of Significant Accounting Policies (Textual) | ||||
Capital stock issued for acquisition, shares | shares | 600,000 | |||
Restricted shares of common stock | shares | 500,000,000 |
Going Concern (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Going Concern (Textual) | ||
Net loss | $ (225,580) | $ (231,377) |
Advance Payment on Mineral Trading - Related Party (Details) |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017
USD ($)
Shipment
$ / shares
|
Jun. 30, 2016
USD ($)
Shipment
|
Jun. 30, 2016
MYR
|
Sep. 30, 2017
MYR
Shipment
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2017
MYR
|
||||
Advance Payment on Mineral Trading - Related Party (Textual) | |||||||||
Advanced to Sincere Pacific Mining(M) Sdn. Bhd | $ 614,226 | MYR 2,574,000 | |||||||
Receive a commission based on tonnage shipped | $ 20,000 | ||||||||
Gross tonnes of material for processing | 140,000 | ||||||||
Delivered dry tonne | $ 1 | ||||||||
Total number of shipments | Shipment | 5 | 7 | 5 | ||||||
Gross tonnes washed bauxite, description | The Company earned revenue from its bauxite trading activities and concluded shipments for a total of 60,000 tonnes of gross washed bauxite (net dry weight of 49,006 tonnes) for net commissions of US$49,281 converted at an agreed fixed rate of conversion to RM between 4.2805 and 4.2895 for total proceeds of RM$210,005.
|
||||||||
Advance payment original | $ 413,179 | ||||||||
Net amounts payable by SBS to Sincere | $ 614,226 | ||||||||
Received from sincere to reduce advances paid | MYR | MYR 800,000 | ||||||||
Due from Sincere, related party | $ 186,372 | [1] | |||||||
SBS [Member] | |||||||||
Advance Payment on Mineral Trading - Related Party (Textual) | |||||||||
Due from Sincere, related party | $ 186,372 | MYR 800,000 | |||||||
Maximum [Member] | |||||||||
Advance Payment on Mineral Trading - Related Party (Textual) | |||||||||
Gross per dry metric tonnes | $ / shares | $ 26.00 | ||||||||
Minimum [Member] | |||||||||
Advance Payment on Mineral Trading - Related Party (Textual) | |||||||||
Gross per dry metric tonnes | $ / shares | $ 24.50 | ||||||||
|
Plant and Equipment (Details) - USD ($) |
Sep. 30, 2017 |
Jun. 30, 2017 |
|||
---|---|---|---|---|---|
Property, Plant and Equipment [Line Items] | |||||
Plant and equipment, Cost | $ 173,527 | $ 168,881 | |||
Plant and equipment, Accumulated depreciation | 127,184 | 113,170 | |||
Plant and equipment, Carrying Value | 46,343 | 55,711 | [1] | ||
Motor Vehicles [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Plant and equipment, Cost | 98,028 | 96,401 | |||
Plant and equipment, Accumulated depreciation | 79,264 | 73,128 | |||
Plant and equipment, Carrying Value | 18,764 | 23,273 | |||
Office equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Plant and equipment, Cost | 9,361 | 9,205 | |||
Plant and equipment, Accumulated depreciation | 8,866 | 8,498 | |||
Plant and equipment, Carrying Value | 495 | 707 | |||
Computer and software [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Plant and equipment, Cost | 12,290 | 12,086 | |||
Plant and equipment, Accumulated depreciation | 7,440 | 6,596 | |||
Plant and equipment, Carrying Value | 4,850 | 5,490 | |||
Tools and equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Plant and equipment, Cost | 502 | 494 | |||
Plant and equipment, Accumulated depreciation | 502 | 494 | |||
Plant and equipment, Carrying Value | |||||
Leasehold improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Plant and equipment, Cost | 13,030 | 12,814 | |||
Plant and equipment, Accumulated depreciation | 8,687 | 6,712 | |||
Plant and equipment, Carrying Value | 4,343 | 6,102 | |||
Furniture and Fixture [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Plant and equipment, Cost | 40,316 | 37,881 | |||
Plant and equipment, Accumulated depreciation | 22,425 | 17,742 | |||
Plant and equipment, Carrying Value | $ 17,891 | $ 20,139 | |||
|
Plant and Equipment (Details Textual) - USD ($) |
3 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Plant and Equipment (Textual) | ||
Depreciation | $ 12,006 | $ 9,376 |
Prepaid Expenses and Deposits (Details) - USD ($) |
Sep. 30, 2017 |
Jun. 30, 2017 |
|||
---|---|---|---|---|---|
Prepaid Expenses and Deposits [Abstract] | |||||
Sundry receivables | $ 1,563 | $ 2,190 | |||
Deposits, including utility, security deposits | 55,617 | 54,693 | |||
Prepaid on professional services fee | 18,770 | 5,000 | |||
Total | $ 75,950 | $ 61,883 | [1] | ||
|
Commitments and Contingencies (Details) |
1 Months Ended | 3 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 10, 2015
USD ($)
|
Jul. 10, 2015
MYR
|
Sep. 15, 2016
USD ($)
|
Sep. 15, 2016
MYR
|
Jul. 25, 2016
USD ($)
|
Jul. 25, 2016
MYR
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2017
MYR
|
Sep. 30, 2017
MYR
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2016
MYR
|
Jul. 10, 2015
MYR
|
|
Commitments and Contingencies (Textual) | ||||||||||||
Monthly rent expense | $ 606 | MYR 2,600 | $ 7,522 | MYR 31,752 | $ 7,364 | MYR 31,086 | ||||||
Cumulative total | 1,823 | MYR 7,800 | $ 7,443 | MYR 31,419 | ||||||||
Fiscal 2018 | $ 616 | MYR 2,600 | ||||||||||
Lease, description | The Company entered into lease agreements for two individual corporate offices at Tower 1, Avenue 3, The Horizon, Bangsar South City, Kuala Lumpur, Malaysia 59200. The leased premises occupy a total of 5,652 square feet on level 1 and 5,773 square feet on level 5, and each allowed for one-month free rent in order to renovate and occupy the space. | The Company entered into lease agreements for two individual corporate offices at Tower 1, Avenue 3, The Horizon, Bangsar South City, Kuala Lumpur, Malaysia 59200. The leased premises occupy a total of 5,652 square feet on level 1 and 5,773 square feet on level 5, and each allowed for one-month free rent in order to renovate and occupy the space. | The Company entered into lease agreements for two individual corporate offices at Tower 1, Avenue 3, The Horizon, Bangsar South City, Kuala Lumpur, Malaysia 59200. The leased premises occupy a total of 5,652 square feet on level 1 and 5,773 square feet on level 5, and each allowed for one-month free rent in order to renovate and occupy the space. | The Company entered into lease agreements for two individual corporate offices at Tower 1, Avenue 3, The Horizon, Bangsar South City, Kuala Lumpur, Malaysia 59200. The leased premises occupy a total of 5,652 square feet on level 1 and 5,773 square feet on level 5, and each allowed for one-month free rent in order to renovate and occupy the space. | ||||||||
Security deposits for rent expense | 44,658 | MYR 188,513 | ||||||||||
Annual lease commitments | 178,633 | MYR 754,056 | ||||||||||
Leasing obligations | $ 46,158 | MYR 196,697 | $ 25,179 | MYR 103,887 |
Advances from Related Parties / Related Parties Transactions (Details) - USD ($) |
Sep. 30, 2017 |
Jun. 30, 2017 |
|||
---|---|---|---|---|---|
Related Party Transaction [Line Items] | |||||
Advances from related parties amount | $ 2,191,925 | $ 2,232,387 | [1] | ||
Directors [Member] | |||||
Related Party Transaction [Line Items] | |||||
Advances from related parties amount | 1,516,258 | 1,574,922 | |||
LYF & Sons Realty Sdn. Bhd. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Advances from related parties amount | $ 675,667 | $ 657,465 | |||
|
Advances from Related Parties / Related Parties Transactions (Details 1) |
3 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2017
MYR
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2016
MYR
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Expenses paid directly by related party | $ 63,372 | MYR 270,000 | $ 33,206 | MYR 135,000 |
Chief Executive Officer [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Expenses paid directly by related party | 21,123 | 90,000 | 7,306 | 30,000 |
Chief Financial Officer [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Expenses paid directly by related party | 14,083 | 60,000 | 9,908 | 40,000 |
Chief Operating Officer [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Expenses paid directly by related party | 14,083 | 60,000 | 11,121 | 45,000 |
Chief Marketing Officer [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Expenses paid directly by related party | 4,870 | 20,000 | ||
Chief Sales Officer [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Expenses paid directly by related party | $ 14,083 | MYR 60,000 |
Advances from Related Parties / Related Parties Transactions (Details Textual) |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2017
MYR
|
Sep. 30, 2016
USD ($)
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2016
USD ($)
|
|
Advances from Related Parties / Related Parties Transactions (Textual) | |||||
Rent expenses contributed as additional paid in capital | $ (352) | $ (364) | |||
Due to other related parties, current | $ 614,226 | ||||
Shareholder interest rate | 6.51% | 6.51% | 6.48% | ||
Shareholder note payable - parent company | $ 27,404 | $ 22,633 | |||
Repayment of related parties amount | $ 678,991 | ||||
Repayments of related party advances | (132,146) | (20,400) | |||
Advances from third party, operating expenses | 126,645 | ||||
Advanced by related party expense | 127,156 | ||||
Directors [Member] | |||||
Advances from Related Parties / Related Parties Transactions (Textual) | |||||
Rent expenses contributed as additional paid in capital | 355 | MYR 1,500 | |||
Due to other related parties, current | $ 11,721 | ||||
Advanced by related party expense | $ 893,748 | $ 396,010 |
Common Stock (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 15, 2015 |
Sep. 30, 2017 |
Dec. 31, 2014 |
Jun. 30, 2017 |
|
Common Stock (Textual) | ||||
Common stock, shares authorized | 4,000,000,000 | 4,000,000,000 | ||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares issued | 720,802,346 | 720,802,346 | ||
Common stock, shares outstanding | 720,802,346 | 720,802,346 | ||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||
Subscription Agreements [Member] | Mr. Lok Khing Ming [Member] | ||||
Common Stock (Textual) | ||||
Issuance of common stock, shares | 120,000,000 | |||
Issuance of common stock, total | $ 220,000 | |||
Common stock, par value | $ 0.001 | |||
Subscription Agreements [Member] | Mr. Liew Kin Sing [Member] | ||||
Common Stock (Textual) | ||||
Issuance of common stock, shares | 100,000,000 | |||
Issuance of common stock, total | $ 220,000 | |||
Common stock, par value | $ 0.001 | |||
Common Stock [Member] | ||||
Common Stock (Textual) | ||||
Common stock issued and outstanding as part of recapitalization | 802,346 | 500,000,000 |
Segment Reporting (Details) |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2016
USD ($)
Segment
|
Jun. 30, 2017
USD ($)
|
[1] | |||
Segment Reporting Information [Line Items] | ||||||
Revenue | $ 49,281 | |||||
Depreciation & amortization | 12,006 | 9,376 | ||||
Loss from operations | (186,455) | (204,851) | ||||
Interest expenses | (39,125) | (26,526) | ||||
Assets | 146,547 | 414,716 | $ 313,827 | |||
Expenditure on long-lived assets | 1,797 | $ 23,185 | ||||
Number of operating segments | Segment | 1 | |||||
Malaysia [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue | 49,281 | |||||
Depreciation & amortization | 12,006 | 9,376 | ||||
Loss from operations | (68,800) | (103,866) | ||||
Interest expenses | (27,404) | (22,633) | ||||
Assets | 127,700 | 285,768 | ||||
Expenditure on long-lived assets | 1,797 | 23,185 | ||||
United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue | ||||||
Depreciation & amortization | ||||||
Loss from operations | (117,655) | (100,985) | ||||
Interest expenses | (11,721) | (3,893) | ||||
Assets | 18,847 | 128,948 | ||||
Expenditure on long-lived assets | ||||||
|
Subsequent Events (Details) |
1 Months Ended | 3 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 31, 2017
ha
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2017
MYR
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2016
MYR
|
Dec. 11, 2017 |
|
Subsequent Events (Textual) | ||||||
Expenses paid directly by related party | $ 63,372 | MYR 270,000 | $ 33,206 | MYR 135,000 | ||
Real property located hectares | ha | 6.0701 | |||||
Letter of intent opportunity to acquire term | 30 years | |||||
Received advances from a related third party | $ | 5,873 | |||||
Directors [Member] | ||||||
Subsequent Events (Textual) | ||||||
Expenses paid directly by related party | $ 63,372 | MYR 180,000 | ||||
Subsequent events [Member] | ||||||
Subsequent Events (Textual) | ||||||
Issued and outstanding capital stock percentage | 100.00% |
,])D1%
MDAQ_QZ#^M* SE0J12C\Z*.@
MF?!3M%QW-'ZD2/T$0$$S&4#QNJ8)0N'G J:20**ES]%:COUTP %S>4!_@>@
M2'DG#WF @-)T1@?_"5"DPJ.UKX. TKE\P_\#%"GR]"'?,)"?;V32C!J0%]>&
M55"*:^ON )/5L=7O8M?,_L'[>\)W)B]UJX*CT*8ENL9U%D*#\25Z,F=;F:O)
M..%PUG:8F;'L^W,_T:(;[AYDO 5?P%02P,$% @ 3((I3&B\V;RV 0
MT@, !D !X;"]W;W)K &PO=V]R:W-H965T/QWSA]:"#I Y2.T@\8QGU"H&!^$2K!"I$P$(2G)^@_ 06DGJ%=! Q
M*B01(DZ\0B!*T:L92'-'LR06WL5<([A;>BC!78! 1=2W
M 0)3\1EEOB(,QQ+!)FXRG? E"A4!8Z)()B9$YM\@%,@I3],)3:B3/5(&-7%?
M$\1PWR9N8ZZ5X(Y'.502^THX\*R)[F# 6]W!791"]TM]&Z701X&:6Y!K';B)
M4@%U)+X. 2Y$RDA&& =6^"'HM2[KQ/L5@EVD6#WWQ+78F[^2L(6/55@ZSA-CA2FUW&2
M%]YY8.]X?)/?X>.T?Q.V;K4C9^/Q96/_*V,\H)3-%8Y0@Q]L-B14/AQO\&S'
M,1L-;[KI!['Y&^4$L#!!0 ( $R"*4RF9R_UM0$ -(# 8 >&PO
M=V]R:W-H965T
D"@_#;!6Y!J4#D93S-G'1)&8#K\RO[EUB[
MK^4L+-RB^B4KU^;TFI(*:C$H]X#C5YCK^4#)7/PWN(#RX4&)SU&BLG$EY6 =
MZIG%2]'B>=IE%_=QNDF3&;8-X#. +X#KF(=-B:+RS\*)(C,X$C/UOA?AB9,#
M][TI@S.V(MYY\=9[+T7"DXQ= M$<&UL=51M;YLP$/XKEG] 34S29!$@
M-9VJ3=JDJ-.ZSPX<8-4OS#:A^_>S#64HHU_PW?FYY[FS?62#-J^V!7#H30IE
M<]PZUQT)L64+DMD[W8'R.[4VDCGOFH;8S@"K8I(4A";)/9&,*UQD,78V1:9[
M)[B"LT&VEY*9/R<0>LCQ!K\'GGG3NA @1=:Q!GZ ^]F=C??(S%)Q"